Bourdeau told CNBC's Melissa Lee that she thinks some investors have just held back on selling the euro on the heels of its rapid move down at the beginning of the year. With the currency's latest move up, "now we're getting to levels where they'll probably re-short the euro," she says.

At the same time, Bourdeau thinks liquidity in the market "is supporting risk seeking," which should lead investors out of currencies like the euro and into things like commodity currencies.

That's why Bourdeau wants to sell the euro against the New Zealand dollar. The kiwi should benefit from increasing risk appetite, she says, and while the central bank there is one of the few that is not on track to cut interest rates, a report of low inflation has put pressure on the currency, creating an attractive entry point for the trade.

Bourdeau wants to enter the trade around 1.6000 with a stop at 1.6180 and a target of 1.5650.